17 AUGUST 2011

NEW ZEALAND GAZETTE, No. 126

Silks Audit
Chartered Accountants

28 Bel Street
Wanganui 4500
DX Box 33
Wanganui 4541
New Zealand

T: (06) 345 6699
F: (06) 345 5557
E: silks@silks.co.nz
www.silksaudit.co.nz

INDEPENDENT AUDITORS REPORT

To the Trustees of Whanganui Community Foundation Incorporated ("The Foundation")

Report on the consolidated financial statements

We have audited the consolidated financial statements of Whanganui Community Foundation Incorporated on pages 5 to 27 which comprise the consolidated statement of financial position as at 31 March 2011 and the statement of comprehensive income, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Trustee's Responsibility for the consolidated financial statements

The Trustees are responsible for the preparation and fair presentation of these consolidated financial statements in accordance with generally accepted accounting practice in New Zealand and for such internal control as the Trustees determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Trustees, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other than in our capacity as auditor we have no relationship with, or interests in the Foundation or its subsidiary.

Opinion

In our opinion the consolidated financial statements present give a true and fair view of the financial position of Whanganui Community Foundation Incorporated as at 31 March 2011, and of its financial performance and its cash flows for the year then ended in accordance with generally accepted accounting practice in New Zealand.

Silks Audit
Chartered Accountants
Wanganui, New Zealand

Date: 18 July 2011

PUBLISHED BY THE
DEPARTMENT OF INTERNAL AFFAIRS

newzealand.govt.nz

INTERNAL AFFAIRS
Te Tari Taiwhenua

ISSN 0111-5650
ISSN 1177-8415
Price $3.20 (inc. GST)